Page 44: of Maritime Logistics Professional Magazine (Q4 2016)

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OFFSHORE LOGISTICS

A Formula for Success – in Good Times and Bad

Harvey Gulf International Marine hasn’t deviated from its long term plans and goals, even as the price of oil negatively impacts all sectors.

Apparently, this isn’t rocket science.

By Joseph Keefe ccording to Dr. Loren C. Scott, an industry analyst, industry has been nothing short of devastating.

retired professor and economist from Louisiana State Largely as a function of the collapse in prices, U.S. oil pro-

AUniversity, U.S. oil production is up 85% since 2008 duction peaked at 9.6 mbpd in 2015, but will drop to 8.1 mbpd – the highest growth of any country in the world, over that by year’s end. Total rigs are down since 2014. Nevertheless, period. Shale oil is largely responsible for that trend, with output from the Gulf of Mexico (GoM) by 2017 will be at a production increasing from 10,000 barrels per day (BPD) in record high. Despite those numbers, rigs in the GoM are now 2003 to 1.2 million BPD in 2015. The impact of the resulting down to 16 from a high of 56 reached in 2016.

low price of oil on the offshore support sector of the maritime Despite the bad news, at least one offshore support ? rm ? nds 44 Maritime Logistics Professional 4Q 2016I I 34-49 Q4 MP2016.indd 44 11/9/2016 12:26:06 PM